Goldman Sachs says near-term oil view modestly bullish on tightening market | Reuters:
The near-term outlook for oil is modestly bullish as the market continues to tighten significantly, Goldman Sachs said on Monday, helped by the impact of output cuts by producers in the Organization of Petroleum Export Countries (OPEC) and Russia.
The upside potential for benchmark Brent crude prices exceeds the near-term outlook of $67.50/bbl and could easily trade between $70 and $75 per barrel, the U.S. bank said in a research note.
OPEC and its allies, including Russia, agreed in December to cut oil production steeply under a global supply deal to prevent a glut this year.
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